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ACCOUNTING COST: The actual outlays or expenses incurred in production that shows up a firm's accounting statements or records. Accounting costs, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are primarily interested in economic cost (also called opportunity cost). That fact is that accounting costs and economic costs aren't always the same. An opportunity or economic cost is the value of foregone production. Some economic costs, actually a lot of economic opportunity costs, never show up as accounting costs. Moreover, some accounting costs, while legal, bonified payments by a firm, are not associated with any sort of opportunity cost.

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Lesson 13: Aggregate Demand | Unit 4: Determinants Page: 19 of 22

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  • The nature of economic instability coming from the four basic sectors.
  • The nature of aggregate demand determinants as ceteris paribus factors that are initially assumed constant and aren't measured explicitly on our AD graph.
  • How an increase (or decrease) in aggregate demand is represented as a shift to the right (or left) and how this increase (or decrease) represents an increase (or decrease) in aggregate expenditures over a range of price levels.

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AGGREGATE DEMAND DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate demand, resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the short-run aggregate market results in a decrease in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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